26 days ago
Today both Wildcat Petroleum (WCAT) and RC365 Holding Plc announced that their auditors Shipleys were resigning. The Wildcat RNS read as follows:
98 days ago
I have written to the Financial Reporting Council today regarding the interims of the Standard listed cons Supply@ME Capital (SYME) and Regtech Open (RTOP). Both companies are, as I have demonstrated on this website, technically insolvent and if the FCA was not so utterly clueless and pointless it would be suspending the shares NOW! But pro tem, the issue is interims on 29th September.
159 days ago
Yesterday I celebrated the massive revisions to Eight Capital Partners (ECP), 2021 accounts as a result of my good works with the FRC. But Eight also published its 2022 numbers this week and guess what?
159 days ago
Yesterday Eight Capital Partners (ECP), the bastard cousin of the fraud Supply@ME Capital (SYME) released both its revised 2021 accounts and its delayed 2022 accounts. I start with the revised 2021 accounts as I had previously reported Eight to the Financial Reporting Council on 18 July 2022 about those numbers. So, yes, this is yet another win and validation of my work. When Eight fessed up to the FRC ongoing investigation on 3 July it stated that revised accounts were being prepared but with no indication of the scale of the revision.
175 days ago
My good pals at the accounting regulator FRC have acted against numerous companies and enablers who I have snitched on. Next up I hope are the enablers of the utterly dodgy Regtech Open IPO of last week. I have written to the FRC.
175 days ago
The auditors to Regtech Open (RTOP) which IPO’d on the Standard List on Friday is PKF Littlejohn where partner Joseph Baulf masterminded the transaction. I have written to Mr Baulf today to flag up his schoolboy errors and that I shall be reporting him and his firm to my good pals at the FRC later this bank holiday weekend.
258 days ago
Yesterday I detailed the catalogue of schoolboy accounting errors in the final results from Limitless Earth (LME). I made the Nomad aware but as this is AIM it seems as if nobody cares. Perhaps dropping a note to the FRC might concentrate a few minds round at Cairn Financial? The annual report has now been published and fresh horrors emerge.
278 days ago
On 18 July 2022, I wrote to the Financial Reporting Council (FRC) reporting what I considered to be material non compliances with IFRS accounting standards in the accounts of Eight Capital partners (ECP), the bastard offspring of the Supply@ME Capital (SYME) fraud, for the year ended 31 December 2021. Natch’ the morons said I did not know what I was talking about or that nobody would pay any attention. Today 100% vindication with a share suspension.
361 days ago
Your starter for 10: When was audit firm KPMG last fined and reprimanded by the accountancy watchdog, the Financial Reporting Council (FRC)? The answer is: Five days ago. The previous slap on the wrists was last July. And today we learn that another enquiry is under way, into the 2021 audit of Carr’s Group (CARR). As far as I can see KPMG has a season ticket at the FRC but does anyone care?
365 days ago
Today’s sanction sees KPMG fined £1.25 million, discounted to £875,000 for pleading guilty to its crimes, and getting another severe reprimand/ pointless slap on the wrists. The fine is peanuts and since all the big 4 get regular reprimands nobody cares any more. This time KPMG sinned by screwing up on the calendar 2016 accounts of Luceco.
398 days ago
And Boatman, which exposed the accounting howlers at Babcock (BAB) in its March 31 2017 and 2018 accounts is dead right. The fines and censures handed out today will deter no accountant at all from enabling fraud.
543 days ago
When I started exposing the fraud at Zoetic, now Chill Brands (CHLL) the shares were 76p. They are now 2.4p and, FWIW, running out of cash again so a sell. The other side fought hard. Seth Freedman – who had harassed Harvey Weinstein’s victims for Harvey - was engaged by a shareholder to threaten, menace and harass me and also two other writers here and a PR girl who is known to be a friend of mine. Shame on Freedman and those who defend him like Evil Knievil. I was not bullied into silence and so, after the massive Worthington vindication earlier, here is another one a, a letter from the Financial Reporting Council.I complained to it about Chill’s accounts. Hey presto, the FRC took action and – as you can see below – forced Chill to restate.
610 days ago
In part one I looked at the legacy issues and the FRC rule breaches. But what of the sunlit uplands mug punters owning Tintra (TNT) shares are promised?
610 days ago
The audited results from Tintra (TNT) for the year ended 31 January 2022 were published yesterday and reveal a loss of £454,000 on revenue of £351,000. The results primarily reflect the results of the legacy business which Richard Shearer, the new CEO has spent significant time, and money in trying to deal with. So how is he doing?
629 days ago
In today’s Bearcast I reflect on why it is important to report Eight Capital Partners (ECP) but, more importantly PKF Littlejohn, to the FRC as I have done today. I look at why I don’t look at Direct Line Insurance (DLG), then consider Tortilla Mexican Grill (MEX) but in the same vein Fevertree (FEVR), Cineworld (CINE), Music Magpie (MMAG) and Parsley Box (MEAL). Then I look at Anglesey Mining (AYM) with a hisory lesson stretching back to 4000 BC and words of warning to suckers who may fancy a dabble. Then it is onto the disgrace that is Pineapple Power (PNPL) and all the rogues associated with this shocking promote.
629 days ago
Following my expose of the amateur and rule breaking accounts of Eight Capital Partners (ECP), the bastard little brother of the Supply@ME Capital (SYME) fraud, I have written to my good pals at the Financial Reporting Council asking for a formal investigation into Eight and its auditors PKF LittleJohn and audit partner Zahir Khaki. The letter is below:
630 days ago
Oh dear, oh dear. This should be another massive red flag for the morons who own shares in the Supply@ME Capital (SYME) fraud to ignore. It will also prompt a formal complaint to the FRC about auditors PKF Littlejohn and Eight itself.
666 days ago
So, who do you believe: the fraudsters at Supply@ME Capital (SYME), or The Financial Reporting Council? Er…the FRC.
692 days ago
They are that auditors suffer any personal loss if the FRC sanctions them and that death spiral providers go long of shares. In the podcast I discuss Asimilar (ASLR), Dev Clever (DEV), Simec Atlantic (SAE), Powerhouse Energy (PHE), Amigo (AMGO) and Vast Resources (VAST). It goes without saying but I say so anyway: If you are among the 95% PLEASE COUGH UP NOW HERE
700 days ago
In just two weeks, the new death spiral provider, Venus, has dumped 3.32 billion shares on Bulletin Board Morons. If it is allowed to, it will likely dump another 15-20 billion. But the fraud, Supply@ME Capital (SYME), is insolvent even with the Venus cash, as I noted earlier. I have asked the FCA to step in and save private investors from being mugged.
711 days ago
Earlier this week I complained to the FRC about the grotesquely misleading interims published by the fraud Chill Brands (CHLL) on 28 January. Given that the company has now undertaken a bailout fund raise on the back of them, if my compliant is upheld (as it will be) surely the hapless poltroons at the FCA will have to act. Moreover…
730 days ago
I discuss proposals to replace the FRC; why attempts to stop the crook, Elon Musk, are so misguided; and new wildlife diversity at the Greek Hovel.
755 days ago
Auditor PKF LittleJohn will already be considering the unenviable task of auditing the accounts of its fraudulent client Chill Brands (CHLL) for the year ending March 31 2022. Given that Chill is now already teetering on the brink of insolvency I would suggest that PKF asks for payment up front. In light of the shocking admission today, I felt it wise to mark the card of PKF and my good friends at the Financial Reporting Council on two matters. My letter is below:
773 days ago
When Mr Leo Malkin of Crowe UK performs his audit of the fraud Supply@ME Capital (SYME) he will be required to perform an audit of the accounting for the acquisition of sub scale asset manager Tradeflow Capital including the valuation of the assets and liabilities acquired and the fees paid to its advisers. I have helpfully set out below some questions he should be asking. If he doesn’t I shall be asking the FRC to investigate his conduct. I have flagged this matter up with the FRC already.
812 days ago
This is a charade. A pretence. A farce. For the second time, Nicola Quayle, the former head of KPMG’s Manchester office has been fined for signing off on misleading accounts. KPMG has also been fined but the idea that this will change anything is just a farce.
877 days ago
Now that ShareSoc is no long run by he who cannot be named it is, on occassion, sounding almost half sensible. Like my colleague Nigel Somerville, it has been sticking it to the disgraced Edge VCT (EDGI) and in that vein Cliff Weight has written to the Financial Reporting Council, FRC, asking it to intervene. It would not be the first regulator I’d think of in such circumstances but it all helps and Cliff pulls no punches in his letter which is below.
899 days ago
It was back in July 2018 that I first started to expose the murky and, at times fraudulent, world of First Derivatives (FDP) and its scandal plagued auditors at KPMG Belfast, with the shares at £46. A lot has happened since then. Fascist PR pigs FTI tried to bully me to take down my articles but I told the mothers where to stick it. I reported First to the FRC and it was forced to restate its crooked accounts signed off by KPMG. And Brian Conlon, the CEO and architect of this enterprise sadly passed away leaving his grieving widow as the largest shareholder. Today the name is now FD Technologies (FDP).And it is still a cracking short ahead of numbers next week.Let me explain.
916 days ago
I discuss the SFO, FCA, FRC, the big four accountants, the media and political classes and the big lawyers and the king of the fraudsters Rob Terry. I fear nothing will change. I go into detail how it could and should, why Rob Terry was guilty as sin giving you chapter and verse. But I fear nothing will change and explain why.
916 days ago
This is a shocking revelation which I discuss in detail. It shows the Big 4 accountancy firms are actually incentivising partners to engage in risky and incorrect business practices by indemnifying them against all costs if they are found out. The Big 4 then treat such fines as just another cost of doing business. What is going on is a disgrace which expses the moral bankruptcy at the heart of the accountancy establishment and must force the FRC to rethink punishments. I also discuss Ariana Resources (AAU) and why it needs no PR but especially the shysters it currently uses, the deafening silence at Chill Brands (CHLL) which marks it out as a zero and Union Jack Oil (UJO) where I suspect it is tme to give up and look elsewhere in the sector.
916 days ago
Earlier I wrote up the damning report by the FRC into KPMG and its former partner David Costley Wood. The latter lied about a scheme he had engineered which would have wrecked the finances of good ordinary decent working folks and screwed the taxpayer. He then lied about what he had done and fabricated notes of meetings 13 months after they took place in order to try and leg over the regulator. Had KPMG acted against Costley-Wood when it was alerted rather than only parting company with him a couple of months ago, the disgraced Mr Costley-Wood would have been more than £6 million worse off. And that is one reason why he doesn’t care about a £500,000 fine. As you can see below… Another reason is that he will not pay a cent of that fine….
916 days ago
What happened at Silentnight was a scandal and today the lengths to which KPMG went to in order to cover up how one of its senior employees created that scandal emerged as the Financial Reporting Council published a full report into the matter. It is damning and begs very real questions about the toxic culture that exists at the accountancy giant.
925 days ago
My good pals at the FRC have today announced that it will be launching a full enquiry into the clean sign off given by audit firm Crowe UK into the accounts of the fraud Akazoo for the calendar years 2016, 2017 and 2018. You will remember that Gabriel Grego exposed this UK registered but Greek based and US listed company as a complete fraud in April 2020 and the SEC is now running a full probe. But … the FRC needs to go further.
931 days ago
Nobody doubts that Patisserie Holdings (CAKE) was a fraud and it was a spottable one. This website expressed its professional scepticism about how sales were surging while footfall in the malls where patisserie outlets were sited were collapsing. Others questioned how a company claiming huge cash balances has almost no net interest income. Yet Grant Thornton lead by partner David Newstead signed off on its accounts for the years to September 30 2015, 2016 and 2017 without question. They were sheer fiction.
944 days ago
Following my bombshell earlier about how Jeffreys Henry signed off accounts that PKF LittleJohn refused to put its nsme to and which were prepared by Connie Van Nieuwkerk, a lady banned from financial services after cooking two sets of PLC books, I have now written to my good friends at the accounting watchdog, the FRC.
964 days ago
Ernst & Young screwed up when auditing the accounts for the year to April 29 2017 for Stagecoach (SGC). Nobody denies it and more than four years later the Financial Reporting Council has finally got around to a bit of gentle wrist slapping for those responsible.
992 days ago
Sometimes when I read what BBMs write about me even I start to wonder if I am a bad guy even though I know all their defamatory slurs are false. But those who matter know otherwise and also take me seriously. Today, another letter arrives thanking me for my work which has caused another PLC to have to restate crook accounts. The Sheriff of AIM vs Eden Research (EDEN) and KPMG (again). For the second time in 4 years my work has spurred the Financial Reporting Council to act against Eden & KPMG. I have now lost count of how many such missives I have received from my good pals at the FRC but it is quite a lot. The letter is below.
1009 days ago
We have our first visitor at the Greek Hovel this year, an odd fellow, so Joshua and i have been tidying hard. My son really was very helpful at putting together the new hoover, I’d have been lost without him. In today’s podcast I discuss soon to be ex NED’s whinging about lack of diversity at the FRC and why they are so wrong. Then I ask whether I’d buy Crystal Amber (CLS) as surely i will make 20% in five months. Er…no.
1014 days ago
On February 5 2021, for the second time, I reported Eden Research (EDEN) to the Financial Reporting Council, the FRC, claiming that its accounts were crook. Back in 2017, the FRC agreed with me and forced Eden to restate its numbers which had been signed off by KPMG. Well guess what….
1048 days ago
The fraud Supply@ME Capital (SYME) says that its calendar 2020 results will be out next week. Let’s hope auditor Crowe UK has boned up on IFRS or it could be in the merde with the FRC. And Supply has given more details of its proposed acquisition of TradeFlow Capital as it has now moved from an MOU to signing a share purchase agreement. Sadly, the latter is all smoke and mirrors.
1076 days ago
My good friends at the FRC have launched investigations into a number of companies as a result of my work, oft agreeing with my assessment of accounting malpractice and on a good number of occasions forcing them to restate results. The most recent thank you note from the FRC arrived just last week. I have today written to the FRC asking it to force Supply@ME Capital (SYME) to restate two sets of interims which are fraudulent and breach IFRS rules and to ensure that forthcoming, but delayed, prelims do not repeat the same crime. The letter follows.
1078 days ago
To those like market abusing foul mouthed troll and penny share huckster Chris Akers who calls me a TWat or to the legions of Bulletin Board morons owning shares in frauds such as Zoetic (ZOE), Supply@ME Capital (SYME), etc who insist that I am a complete joke who can be ignored as they know better, this is for you. Yet again the Financial Reporting Council, the FRC, has taken direct action against a listed company because I alerted it to wrong doing – in this case it is St James House (SJH). Yet again it writes to thank me. Folks that count take the Sheriff of AIM seriously, foul mouthed penny share hucksters and morons you are deluding yourselves.
1154 days ago
I do not hide my view of badgers. If you are reading this in some big city, you probably think of them as loveable fury little creatures just like Foxy Woxy. I view them as aggressive vermin just like Foxy Woxy. Badgers eat hedgehogs, animals I rather like. They dig up the graveyard at the end of my fields where one day I shall be buried. They are not after the bodies, just the worms, and that also sees them digging up my lawn and those of all my neighbours. They have a go at my strawberry patch which is adjacent to their sett here at the Welsh Hovel. I loathe badgers.
1157 days ago
The pleasure of reviewing a truly dismal 2020 trading statement from Eden Research (EDEN), a perennially loss making pustule on the arse of corporate Britain for more than 25 years, comes later. First to business: once again reporting this historically fraudulent enterprise to my good friends at the Financial Reporting Council, FRC, for cooking its 2019 books.
1164 days ago
In May 2020, I published a detailed article asking what was happening with respect to TerpeneTech UK and the newly formed TerpeneTech Ireland - companies integral to the promotion of AIM fraudsters Eden Research (EDEN) of panama pump fraud infamy. Now that the TerpeneTech UK statutory accounts have been published, I have updated my note. The new analysis:
1195 days ago
The Financial reporting Council has today released the report below, running to almost 300 pages into the crooked accounts of Autonomy and the behaviour of Deloitte and the two audit partners Mr Richard Knights and Mr Nigel Mercer. The key takeaway here is that abetting white collar crime DOES pay.
1372 days ago
I hope that you appreciate the musical headline. In today’s podcast I look at Boohoo (BOO), the utterly ludicrous spoof from toxic Dave Sefton and Iconic (ICON), Natasha Toy (a Good German), Kevin Engel, Grant Thornton and the FRC and I comment on $1800 gold. In that vein with the sector set to catch fire, buy your £2.99 ticket for Mineprophets now HERE..
1388 days ago
Blur Group (BLUR) floated at 82p and half a decade and a name change later delisted from the AIM casino at 0.23p. In its five years of AIM casino infamy led by CEO Philipl Letts and his ghastly Mrs, Kara Cardinale, who was the Chief Delivery Officer, it was slammed by the FRC for dodgy accounting, had numerous lack of profits warnings and bailout placings and was a case study in value destruction. As a reminder here is the track record during Letts’ tenure as CEO:
1396 days ago
We have long warned you about this stock. I was thanked by the FRC for bringing issues to its attention which forced a chage of accounting policies. But still things do not ring true for drowning in debt Diversified Gas & Oil (DGOC). And now a new report emerges which raises massive questions about the most extravagant claims made by this company.
1408 days ago
Here is another commendation for me for my pig ignorant critics on the Bulletin Boards and supporters of fraud to ignore. One day, maybe even Roger Lawson and certain thirsty share bloggers from Brighton might actually be forced to admit that the folks who matter not only respect my work but act on it too. This tme it concerns what was the largest oil company on AIM before it moved to the main market, Diversified Gas & Oil (DGOC). I complained about its accounts, the FRC thought I was correct and forced Diversified to make changes. The letter below makes that clear. Ouzo for the Sheriff of AIM tonight methinks.
1559 days ago
Folks at the FCA say they love my work, the FRC commends me for exposing fraud, even the BBC reccognises the heroic fight we engage in against white collar crime, but there will always be critics who somehow thing the team at Shareprophets and me in particular are the bad guys. Meet one of the bigger morons on twitter….
1583 days ago
NoGold has still not been in touch regarding the £50 he owes me. It seems as if my good mates at the FRC really are getting tough on executives who commit accounting fraud. Fabbo. But I ask for more. And what of lying? It is fraud of a different sort and I have strong suggestions for what the FCA and especially the Oxymorons at AIM Regulation already can do and very rarely do do but need to do so more often to drain the swamp and put me out of a job.
1611 days ago
Shares in PureCircle (PURE) remain suspended as it struggles to publish its June 30 2019 accounts. But we are already warned that there will be restatements of 2018 and possibly 2017. But these restatements, which relate to the carrying value of inventory, were repeatedly predicted by ourselves for many years as you can see HERE. My good friends and keen admirers of my work, The Financial Reporting Council must launch an urgent and full investigation. I have written to the FRC today as you can see below.
1614 days ago
In today’s podcast I look at PureCircle (PURE), the roll call of shame and who should be publicly executed. I also look at Dev Clever (DEV), Tissue Regenix (TRX) and, once again, at Blackmore Bond a mini bond car crash which appears imminent and is another part of what will be one of the biggest financial scandals for years.
1657 days ago
The Financial Reporting Council has announced that it is to open an enquiry into the accounts of Thomas Cook (TCG) for the year ended 30 September 2018. Too little too late you say. Well perhaps, but what is at stake here is the poison at the heart of capitalism, the incestuous relationship between auditors and PLCs.
1674 days ago
Diversified Gas & Oil (DGOC), the largest oil company on AIM and an enterprise whose accounts are being scrutinised by the FRC for a wholesale breach of IFRS guidelines, has announced it plans to move from the Casino to the Premium segment of the Main Market of the London Stock Exchange in Q1 2020. Both Avanti (AVN) and Quindell (QPP) made similar promises to try to keep their shares afloat. Neither actually made it off AIM as promised although, several years later, an almost bankrupt Avanti will be delisting altogether.
1688 days ago
As I revealed yesterday, the FCA and FRC are both investigating Burford (BUR) following a letter I sent requesting an investigation on August 8. But Burford is Guernsey Registered so there is another regulator which needs to have a butchers. As such I have today written to the Guernsey Financial Services Commission (the tax dodger’s equivalent of the FCA) asking it to launch an enquiry. The letter is below::
1689 days ago
PR spinners for Burford (BUR) have responded to the Muddy Waters dossier by getting their poodles in the deadwood press to suggest that the bear raider was up to no good and was being investigated by regulators on both sides of the Atlantic. Oh dear..I have shocking and bad news for Burford…
On August 8 I wrote to the Financial Reporting Council asking it to investigate the 2013 accounts of Burford as you can see HERE. The FRC has replied as you can see below.
1702 days ago
Burford (BUR) does not have to prove it is innocent of the Muddy Waters allegations bit the longer it opts NOT to give full disclosure the more suspicions will grow. And perhaps the Oxymorons at AIM Regulation or my friends at the FRC, who I have asked to look at the accounts, may force its hand. In that vein I have written to the Nomad, Jonny Allison at Macquarie asking him to force Burford to come clean. I have cc’d in the Oxymorons and the FRC. The letter is below
1712 days ago
As you know the Financial Reporting Council are big admirers of my work most recently thanking me for nailing First Derivates (FDP) HERE but inter alia, commending me for my work in exposing the Quindell (QPP) fraud HERE. As such I have been in touch asking that the FRC open a full investigation into the accounts of Burford (BUR) which, I believe, require a material restatement.
1736 days ago
To those who say that ShareProphets is a joke site run by a fool or a knave, stick this letter below from the Financial Reporting Council where the sun don’t shine. Yet again the FRC is marking my homework with A*s. To those cretins on the Bullettin Boards who abuse me daily I ask: when was the last time you got a regulator to force an £800 million market cap company to change its, overly aggressive and misleading, accounting policies? Ouzo time yet again for the Sheriff of AIM.
1737 days ago
The other day the Leeds office of PWC was fined heavily and slammed by the FRC for professional negligence in the case of not spotting accounting fraud at Redcentric (RCN). It was the second such notice in two years for PWC Leeds and the office is on a warning. Thus I am sorry to say but it is in the soup again over the massive undeclared payments going, over many years, to the CEO of Premier Technical Services Group (PTSG), Mr Paul Teasdale, which I exposed in full on Saturday HERE. Now here is why PWC is in the soup…
1747 days ago
In today’s bearcast I look at FinnCrap (FCAP and two of its rotten clients: Telit (TCM) and Anglo African Oil & Gas (AAOG), at vile greed at Attis Oil & Gas (AOGL) , formerly Mayan/Northcote and at the latest FRC sanctions for shoddy audit work by Delotte and audit partner Helen George. I look at Weald Basin news from IGAS (IGAS) and what it means for Uk Oil 7 Gas (UKOG) et al and at daft Sound Energy (SOU) rumours.
1768 days ago
In today’s bearcast I comment on Quindell fraudster Rob Terry in light of my earlier artice, I look at the FRC, PWC and Redcentric (RCN), ValiRx (VAL), Plutus Powergen (PPG) and at Neil Woodford and IP Group (IPO) which might be next to unravel as the contagion spreads.
1771 days ago
I am delighted to say that my good friends at the Financial Reporting Council have acknowledged receipt of my dossier on Diversified Gas & Oil (DGOC) and are now looking at accounts which clearly need massive restatements. Meanwhile I see that the company is hosting a lunch for private investors on June 26 in London. Sadly I’m busy that day, as it is the day major renovations start at my Welsh hovel but if you want to attend email James Husband DGO@buchanan.uk.com . More pressing are the forthcoming interims….
1776 days ago
Yesterday I highlighted the numerous issues which make Diversified Gas & Oil (DCOG) the most overvalued oil stock on AIM. The crux of the issue is that its freported profits since IPO have been generated almost entirely from aggressive accounting as opposed to producing hydrocarbons. I believe its accounts breach IFRS 3 and must therefore be completely restated which will wipe out nearly all of its retained profits. Let me explain.
1980 days ago
As you may be aware, the accounting watchdog, the Financial Reporting Council (FRC) is a great admirer of the work of The Sheriff of AIM. And always keen to give my good friends a pointer, I have today submitted a formal request to investigate the last three year’s accounts of First Derivatives (FDP). The issue is whether stated earnings represent the underlying picture. My letter, below, is to the point.
2086 days ago
Globo (GBO) was a fraud which claimed to have cash but did not and is now bust. Its downfall was precipitated by ShareProphets publishing a Gabriel Grego dossier after the FT and snot-gobbler Dan McCrum merely tipped off the CEO allowing him to dump all his shares and failed to publish. Now the Financial Reporting Council says that it is letting auditor Grant Thornton off the hook and dropping its enquiry.
2125 days ago
I start with the announcement late last night from FastFoward Innovations (FFWD) the overvalued investment company run by my good friend the offshore based asset stripper Mr Jim Mellon. I move on to the FRC dealing with Russell McBurnie the disgraced ex FD of RSM Tenon and discuss book cookers, fraudsters. Sam Antar theories and crime and punishment generally. I look at Akers Biosciences (AKR) where book cooking ahead of a placing is alleged, at Zenith (ZEN) and at LPA (LPA) where i would not bottom fish after today's warning for a variety of reasons. Then I note MySquar (FRAUD) is down to 1.15p and I ask John Meyer of SP Angel once more if he will act or is he happy to wash his hands and turn a blind eye to crime. Tonight is a 6 mile training walk and Joshua and I will do two miles this morning. With Gift aid my charity walk on July 28 has now raised almost £10,000. I explain exactly what that means to Woodlarks. If you have not donated, please chip in now with a tenner to get us over £10,000 HERE
2220 days ago
It is individuals that commit financial crime not corporates. And thus, as I have noted so many times before, the only way that we will clean up financial markets in the UK is by starting to throw the book at individuals who sin, making sure that all transgressions, however small, go punished. And that brings us to today's news that the Financial Reporting Council (FRC) has started an investigation into the conduct of Mr Richard Adam and Mr Zafar Khan, former Group Finance Directors of Carillion (CLLN) and members of the ICAEW.
2269 days ago
The only UK financial watchdog that is anything other than a poodle has again bared its teeth and again it is the auditors at KPMG that are in the firing line, this time over Carillion (CLLN). Still being investigatred over its role in the Quindell fraud, let off the hook on HBOS, KPMG at least knows how the Financial Reporting Council works.
2275 days ago
The Financial Reporting Council has today fined audit firm ArrandCo, formerly known as RSM Tenon, £1 million ( reduced by 30% for co-operating) and audit partner Jeremy Filley £80,000 ( reduced to £56,000) for allowing the fraud Quindell (QPP) to publish fraudulent 2011 accounts. No doubt Snot Gobbler Dan McCrum at the FT is again about to produce a timeline taking credit for this but the FRC has stated explicitly that it widened its enquiries to include the 2011 accounts only because of specific allegation raised by me as you can see HERE. These fines are down to my work, not that the deadwood press will ever acknowledge that. So how did Rob Terry and his associated in the Quenron gang, cook the books with the help of Filley and RSM Tenon.
2341 days ago
I start this podcast with a look at Carillion (CLLN) where I wonder if Steve's damning verdict HERE is just a bit too generous. The boy is too much of a nice guy for his own good. Then it is onto the FRC which will be writing to 40 AIM and Small Cap companies ahead of them publishing FY numbers. I have a few ideas who and on what areas. The FRC are of course the UK's best regulator if only for recognising the work of the UK's top investigative financial journalist. Then I look at Angus Energy (ANGS) and finally there is a detailed discussion on MySquar (FRAUD)
2351 days ago
The old goat has turned over a new leaf and today really sticks it to Blancco Technology (BLTG) in which he admits he has a trivial holding. I doff my hat to Lawson for that and his comments on the ShareSoc blog are spot on. Personally this company's revenue recognition policies stink so much that I'd have to rate it as a sell.
2435 days ago
Back before the world went crazy in the nineties when folks committed or abetted financial wrongdoing they were named, shamed and punished as individuals. That was a real deterrent to crime. Then the world changed and we started fining corporations, banks, accountants and other advisers. The regulators announce seemingly large fines which meant they got newspaper headlines and seemed smart. But the banks and other advisers just treated the fines as a cost of business and so were not deterred from breaking the rules going forward. At least my very good friends at the Financial Reporting Council seems to appreciate that. The FRC is, as such, the UK's best regulator.
2441 days ago
That Telit (TCM) is going to zero is a given as I explained yesterday HERE. But now we need to know why Canaccord quit on May 26 as Nomad. I suggest the reason in this podcast and call for a wider AIM Casino rule change on Nomad resignations. Then it is on to 2 CEO resignations. The bombastic prick David Williams has gone from drowning in debt Avanti Communications (AVN). Avanti is toast but I run through the red flags pertaining to Williams himself and ask a question about his payoff for failure. As for Redcentric (RCN) can I claim this as a scalp? Frazer Fisher must have known about the mega payroll fraud of March 31 2016 as I revealed HERE. Yet he trousered a big 2016 bonus and sold stacks of shares just after publishing the 2016 number which he KNEW WERE CROOK. This departure is to avoid him being in situe when the FCA, FRC and SFO announce their findings. Actually can the Sheriff claim a scalp on the bombastic prick Williams too? I got the FRC to pan his company and exposed all sorts of Avanti red flags and naughtiness. Two scalps in a day - ouzo time?
2447 days ago
The big issues for AIM uber dog Servision (SEV) have always been its lack of cash generation which has forced bailout placing after bailout placing and its aggressive revenue recognition policies designed to boost the share price to allow the placings to take place. Lately there has also been an issue with withholding (bad) price sensitive information. On the revenue recognition issue I went into battle 19 months ago, reporting the company to the Financial Reporting Council and now we have another small win for the Sheriff of AIM. A letter from the FRC has just arrived...
2451 days ago
The Financial Reporting Council has announced that it has opened a formal investigation into the accounts of outsourcing group Mitie Group (MTO) for the years to March 31st 2015 and 2016. Mitie is in the spotlight and auditors Deloitte will also be investigated. So what has Baroness Ruby got to say about this?
2506 days ago
I have today received a letter from the Financial Reporting Council about a complaint I made about the uber dodgy accounts of drowning in debt heading for insolvency Avanti Communications (AVN). You will remember that Avanti did 2 transactions which generated cash in of nil and cash out of $14 million and booked that as a sale of $25 million on a 100% EBITDA margin.
2512 days ago
AIM Listed fraud Eden Research (EDEN) has bneen shown to have committed FRAUD, has been panned by the FRC and is still under FRC investigation (whatever it says). But there coulde be an even bigger problem. In its AIM admission document Eden explained that an element of its terpene chemistry was licensed as set out below:
2529 days ago
I asked my very good pals at the Financial Reporting Council, who we know are major fans of my work, to look into the fraudulent accounts of Eden Research (EDEN) for 2011, 2012, 2013, 2014 and 2015 on February 17 2016. Okay 2015 accounts were not out at that point but I was sure they would be fraudulent - they were. Now 2016 accounts for Terpenetech are out we have it again confirmed that the 2015 accounts were crook and 2016 accounts - due within days - will almost certainly be fraudulent. So I have written to the FRC again. The letter follows.
2761 days ago
The FRC is already looking at the grossly misleading way that Avanti Communications (AVN) bodged its June 2015 annual results. I reckon Avanti is trying to commit an even bigger crime against prudent accounting with its 2016 numbers and they key is a satellite which is now on the move. But Avanti and its ghastly and morally bankrupt Nomad Cenkos, of Quindell infamy, are trying not to reveal the truth. So have five critical questions for Avanti and the shamed Cenkos.
2787 days ago
Nick Davis is the CEO of City law firm Memery Crystal but also sits on the board of the prestigious AIM Advisory Group. That has to end now as his role in the African Potash (AFPO) fraud comes to light. I warn African Potash that my man in London is set to supply more documents relating to yet another deal where it grossly misled investors ahead of a placing. There is worse to come and more for the SFO, FCA, FRC and AIM Regulation to get their teeth into. Now back to Davis.
2787 days ago
I have already alerted the FCA, AIM Regulation and the FRC to the growing scandal at African Potash (AFPO) with regard to the non disclosure of a £600,000 bung on December 1 2015 as part of a pre placing ramp. Now it is onto the Serious Fraud Office, SFO, to whom I have written today.
2792 days ago
Yesterday's expose here of AIM listed African Potash (AFPO) demonstrated quite explicitly and without doubt that the company was guilty of fraud - that is to say raising money, with the assistance of Nomad and broker Cantor Fitzgerald - having materially misled investors. I have today passed on the supporting documentation to three different regulators asking all three to open investigations into African Potash. My open letter explaining why follows.
2812 days ago
The FCA is set to fine Cenkos over the Quindell fraud, the FRC has thanked me as it panned Quindell for fraud, and the SFO is making good progress on the Quindell fraud yet some morons still blame me for the penury they suffer as a result of ignoring our warnings that Quenron was a fraud. These fools really do believe that Rob Terry was a good guy and, unbelievably, are still trying to put me out of business. Step forward a troll on the ADVFN Asylum posting crap under the nom de plume NickyName.
2899 days ago
In three days I shall be at the Greek Hovel with the snakes, losing weight as I engage in manual labour, leaving Steve in charge. Today I deal with silly emails from Brokerman Dan Levi. Plus ca change. In today's podcast I look at Metal Tiger (MTR) and Conroy Gold (CGNR), a company that really needs Metal's Midas touch. I look at Marechale capital (MAC), Fitbug (FITB), Arian Silver (AGQ), Wishbone (WSBN) and in detail Servision (SEV). And I have had a complaint to the FRC rejected. Drat.
2916 days ago
You were probably wondering what deal Avanti Communications (AVN) was going to do this year to increase its sales after last year's creation of revenue when it was the only person paying money - the deal the FRC is looking at HERE. And you were also wondering how it was going to raise some cash. Natch it would not be by actually selling oodles more capacity on its satellites would it?
2947 days ago
This is not hard. The RNS from Servision (SEV) today is designed to ramp the shares ahead of a rescue bailout placing. It is bollocks if you add up the numbers. So too was the last RNS by the way. I have reported this POS to the FRC for dodgy revenue recognition policies, it almost certainly now has negative net current assets and is burning cash. There is a bailout placing looming and you should sell now. This company deserves to, and could well, go bust.
2955 days ago
I have to date reported four companies to the Financial Reporting Council asking it to investigate accounts which I believe to be fraudulent and or misleading. So where am I with these four and what is the common thread?
The first to be dobbed in was Quindell. The FRC publicly acknowledged that it widened the scope of its enquiries as a result of my letter and Quindell was found guilty on all sorts of counts. Expect disciplinary action AFTER the Serious Fraud Office has made its arrests.
The next three are Eden Research (EDEN),Servision (SEV) and Avanti Communications (AVN) which all stand accused (by me) of unacceptable revenue recognition policies.
2956 days ago
Historically the pattern with Avanti Communications (AVN) has been it is asked an awkward question like how much business do you do with ISIS? Or why is it that your 2015 joke accounts are being looked at by the FRC? Or, if your bonds are junk rated when do you go bust? Its shares tumble. Then it announces a new ramptastic contract win either of an unspecified amount or for many years in the future. Its shares bounce but then fade and slump when the next question is fired over.
Each time the bounce after the ramptastic RNS signed off by Emperor CEO David Williams is that little bit smaller as fewer and fewer folk accept that his new Clothes are really that impressive.
Friday saw a first.
2980 days ago
I have today written to my good friends at the Financial Reporting Council asking for a full formal investigation into the audited accounts of Eden Research PLC (EDEN) for 2011, 2012, 2013 & 2014 which are all fraudulent and - ahead of schedule - for the 2015 accounts which will be fraudulent. The letter follows.
2986 days ago
I am still waiting for Servision (SEV) to man up and send the threatened lawyers letter to me as I am spoiling for a fight with this worthless POS as it rapidly runs out of cash. Just to keep PR Himbo Christian occupied as he briefs his new best friends the Bulletin Board Morons, I have today requested that my VERY GOOD FRIENDS at the Financial Reporting Council (FRC) open a formal investigation into the revenue recognition policy of Servision. The letter follows.
3023 days ago
The Naibu (NBU) Neds have now admitted my fraudbusting was spot on (HERE), The FRC has thanked me for alerting it to Quindell (QPP) frauds (HERE) and so 2015 was a great year of Red Flag spotting for me. Earlier in the year year I published an ebook, dedicated to fraudster Robert Simon Terry, flagging up some of what I look for in Companies that commit FRAUD
3055 days ago
The suggestion from the German paper Der Spiegel is that may well be. The paper has run a full story despite strong suggestions from Avanti Communications (AVN) lawyers that it should not do so. Given Avanti's oft repeated claims that it wins major business from the UK military perhaps it might wish to issue a formal statement. The full article is below.
On Friday I asked the FRC to look at Avanti's accounts (here). The big problem for Avanti is, of course, that it is running out of cash and that makes it a slam dunk sell. Now over to Der Spiegel
3056 days ago
Now that, post the fraud Quindell (QPP) I am such good friends with the only watchdog with teeth, the Financial Reporting Council (FRC) I have written to my pals asking them to investigate whether the 2015 accounts for Avanti Communications PLC (AVN) give a true impression of how the business is doing. I do not think they do. But Avanti also has other worries which is why the shares will crash.
The real problem is that having missed all operationg metrics with an admirable conistency, Avanti is not generating enough cash to cover its bloated PLC costs and humungous interest bill. I reckon that it will be out of cash but loaded with unrepayable debt by next June.
But the accounts for the year to June 30 2015 also trouble me greatly. Hence the letter to the FRC asking them to have a butcher's which is below.
3098 days ago
They still don’t get it. The FRC has thanked me for exposing fraud at Quindell (QPP) and the former board are being investigated by the SFO as well (it can thank me later for the assistance I have provided). Yet according to some Quindell shareholders on the LSE Asylum I am the guilty party, the devil incarnate. And boy were they looking forward to my day in the High Court today…don’t tell the morons it is off as at least one admits to going along last time to cheer on my then opponent Aiden Earley. I would not want to stop a moron from wasting a morning.
3109 days ago
A letter received today from the Financial Reporting Council confirms that it extended its enquiries into the fraud at Quindell (QPP) to take in a wider remit as a direct result of my action. I am thanked for this and it gets better still.
3168 days ago
Crowe Clark Whitehill is the UK auditor of a number on AIM casino china frauds and its associate in Fujian, Crowe Horwarth Associates really gets fingers dirty. We know that the blatant long term fraud at Sorbic (booted off the casino), Naibu (booted off the casino) and Camkids (soon to be booted off the casino) as well as at Jiasen and JQW totally escaped its attention. In light of that we bring you the latest Financial Reporting Council review of Crowe.
We suspect that the case files it reviewed did not include any of the China frauds, oops I meant clients. Perhaps next time the FRC should have a butchers at one or two of our Oriental friends.
But we draw your attention to a couple of FRC observations:
3172 days ago
This week’s disclosures by Quindell (QPP) have shown conclusively that the gargantuan body of work which started back in April 2013 by ourselves and colleagues at ShareProphets was on the button. Along the way there were allegations of securities fraud, accounting fraud, VAT fraud, insider dealing, market abuse in what is simply a staggering litany of revelations. The evidence was passed to the FCA, AIM Regulation, the SFO and others in a series of submissions going back to April 2014. Yet the FCA and AIM Regulation utterly failed to act on the evidence handed over. The FCA took until June of this year to open an investigation – we rather suspect because of a me-too response, once it was known that the SFO was involved and that the Financial Reporting Council (FRC) had been looking at Quindell. AIM has yet to confirm any actions beyond a spot of belated flag-waving.
